The Executive Board of the International Monetary Fund has completed the fifth review of Ghana’s 39-month Extended Credit Facility (ECF) arrangement, on 17 December, paving the way for the immediate disbursement of about US$385 million.
This brings total disbursements under the US$3 billion programme, approved in May 2023, to approximately US$2.8 billion. The IMF noted that Ghana’s performance under the programme has been broadly satisfactory, with all quantitative performance criteria and indicative targets for the review met, despite some delays in implementing complex structural reforms. Macroeconomic stabilisation is gaining traction, underpinned by stronger-than-expected growth through September 2025, driven mainly by services and agriculture, alongside improved external sector performance supported by robust gold and cocoa exports.
Inflation has returned to the Bank of Ghana’s target range for the first time since 2021, while international reserves have exceeded programme targets and the cedi has appreciated. Fiscal consolidation has progressed, with Ghana on course to achieve a primary surplus of 1.5 per cent of GDP by year-end.
The IMF said the 2026 budget submitted to Parliament aligns with programme objectives and the new fiscal responsibility framework, balancing development priorities with fiscal discipline. Progress has also been recorded on public debt restructuring, including the signing of bilateral debt relief agreements with several official creditors and agreements in principle with some external commercial creditors. Engagements are continuing with remaining creditors to ensure consistency with programme parameters.
The Fund underscored the need for sustained implementation of reforms to safeguard macroeconomic stability, strengthen revenue mobilisation, enhance public financial management, address risks from state-owned enterprises—particularly in the energy sector—and deepen governance and anti-corruption frameworks.
While welcoming cautious monetary easing by the Bank of Ghana amid easing inflation pressures, the IMF emphasised that continued reform momentum remains critical to securing debt sustainability and long-term, private-sector-led growth.